-
18:00
-
17:30
-
17:00
-
16:50
-
16:30
-
16:20
-
16:00
-
15:50
-
15:30
Follow us on Facebook
Moroccan banks gain ground as European lenders retreat from Africa
In just two decades, the financial dynamics of sub-Saharan Africa have undergone a seismic shift. European banks, once dominant in the region, are retreating, leaving room for African institutions—led by Moroccan banks—to expand their influence and reshape the landscape of African banking.
European banks exit the stage
On August 11, 2025, Société Générale finalized the sale of its Mauritanian subsidiary to a consortium of Enko Capital and Oronte. This move follows the French bank’s exits from Congo, Chad, Mozambique, and Morocco in recent years, as it redirects its focus to more profitable markets. In Mauritania, Société Générale had operated 11 branches, served nearly 40,000 clients, and generated a net banking income of €35 million with a net profit of €9.9 million.
Société Générale is not alone in this retreat. Barclays ended its nearly 90-year presence in Africa in 2024, completing the sale of its remaining stake in Absa. Similarly, Standard Chartered exited five African countries—Angola, Cameroon, Gambia, Sierra Leone, and Zimbabwe—in the same year to prioritize faster-growing markets. BNP Paribas began scaling back its operations as early as 2019, divesting subsidiaries in Gabon, Guinea, Senegal, and Côte d’Ivoire.
Moroccan banks seize the opportunity
This withdrawal of European giants has opened doors for Moroccan banks to step in and expand their reach. Attijariwafa Bank, with operations in 26 countries, now boasts the largest pan-African network. Bank of Africa, active in 15 markets, continues to strengthen its presence in both West and East Africa. Banque Centrale Populaire has also pursued strategic acquisitions, including the integration of Atlantic Bank Group in West Africa.
The success of Moroccan banks lies in their deep understanding of local markets, adaptability to evolving conditions, and a regional identity that inspires trust. Unlike their European counterparts, who prioritize short-term profitability, Moroccan institutions are focused on long-term growth. They actively support governments and businesses in key sectors such as agriculture, mining, energy, and small and medium enterprises.
A new era for African banking
This shift marks the emergence of a robust African banking sector led by homegrown champions. Moroccan banks are no longer just participants in the continent’s financial evolution—they are shaping its future. Their rise underscores a broader trend: African-led innovation and investment in a market poised for sustained growth.